0000002178-13-000044.txt : 20131107 0000002178-13-000044.hdr.sgml : 20131107 20131107164521 ACCESSION NUMBER: 0000002178-13-000044 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131107 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20131107 DATE AS OF CHANGE: 20131107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAMS RESOURCES & ENERGY, INC. CENTRAL INDEX KEY: 0000002178 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172] IRS NUMBER: 741753147 STATE OF INCORPORATION: DE FISCAL YEAR END: 0926 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07908 FILM NUMBER: 131201213 BUSINESS ADDRESS: STREET 1: 17 S. BRIAR HOLLOW LN. CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7138813600 MAIL ADDRESS: STREET 1: P O BOX 844 CITY: HOUSTON STATE: TX ZIP: 77001 FORMER COMPANY: FORMER CONFORMED NAME: ADAMS RESOURCES & ENERGY INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ADA RESOURCES INC DATE OF NAME CHANGE: 19790620 8-K 1 form_8k.htm 3RD QT 2013 NEWS RELEASE 8-K form_8k.htm
SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


     



FORM 8-K

CURRENT REPORT


Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 7, 2013

 
ADAMS RESOURCES & ENERGY, INC.
 
 
(Exact name of registrant as specified in its charter)
 
       
       
Delaware
 
1-7908
 
74-1753147
 
(State or other jurisdiction of incorporation)
 
(Commission file number)
 
(IRS employer
identification no.)
 
       
       
17 South Briar Hollow Lane, Suite 100
Houston, Texas
 
77027
 
(Address of principal executive offices)
 
(Zip code)
 
       
   
(713) 881-3600
     
   
(Registrant’s telephone number, including area code)
     


 
 

 

 Item 2.02.  Results of Operations and Financial Condition.

On November 7, 2013, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing a dividend and financial results for the third quarter ended September 30, 2013.  A copy of the earnings release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.  The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 
 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
ADAMS RESOURCES & ENERGY, INC.
   
   
   
Date:  November 7, 2013
By:/s/ Richard B. Abshire
 
Richard B. Abshire
 
Chief Financial Officer



EX-99.1 CHARTER 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_99-1.htm
                EXHIBIT 99.1
                FOR IMMEDIATE RELEASE
                Rick Abshire (713) 881-3609

ADAMS RESOURCES ANNOUNCES THIRD QUARTER 2013 EARNINGS
 AND DIVIDEND

Houston (November 7, 2013)--Adams Resources & Energy, Inc. (NYSE MKT-AE) announced third quarter 2013 unaudited net earnings of $7,156,000 or $1.70 per common share.  Current earnings compare to unaudited third quarter 2012 net earnings of $8,263,000 or $1.96 per common share.  For the nine months ended September 30, 2013, net earnings were $21,501,000 or $5.10 per common share. Third quarter 2013 revenues totaled $1,060,770,000 and were $2,980,145,000 for the first nine months of the year.

President and Chief Executive Officer, F.T. “Chip” Webster attributed the current quarterly earnings decline to the non-recurrence of $1.9 million in pre-tax equipment sales gains and net inventory and mark-to-market valuation gains from the third quarter of 2012.  Mr. Webster added that volume growth continues within the marketing segment but competitive pricing is cutting into unit margins.  Demand for transportation services remains strong with availability of qualified truck drivers a limiting factor.  Growth in Company owned crude oil production volumes should lead to continued earnings improvement within the oil and gas segment.

A summary of operating results is as follows:

   
Third Quarter
 
   
2013
   
2012
 
             
Operating Earnings (Expense)
           
Marketing                                                        
  $ 11,270,000     $ 13,452,000  
Transportation                                                        
    1,248,000       2,607,000  
Oil and gas                                                        
    752,000       314,000  
Administrative expenses                                                        
    (2,535,000 )     (2,603,000 )
      10,735,000       13,770,000  
Interest income, net                                                                
    32,000       77,000  
Income tax (provision)                                                                
    (3,797,000 )     (5,510,000 )
Discontinued operations                                                                
    186,000       (74,000 )
                 
Net earnings                                                                
  $ 7,156,000     $ 8,263,000  

The Company’s also announced that its Board of Directors declared a quarterly cash dividend in the amount of $.22 (twenty-two cents) per common share, payable on December 16, 2013 to shareholders of record as of December 2, 2013.

The Company’s quarterly report on Form 10-Q for the period ended September 30, 2013 will be filed with the Securities and Exchange Commission on November 8, 2013 and will be available on the Company’s website at “adamsresources.com”.
……………………………………………….
The information in this release includes certain forward-looking statements that are based on assumptions that in the future may prove not to have been accurate. A number of factors could cause actual results or events to differ materially from those anticipated.  Such factors include, among others, (a) general economic conditions, (b) fluctuations in hydrocarbon prices and margins, (c) variations between commodity contract volumes and actual delivery volumes, (d) unanticipated environmental liabilities or regulatory changes, (e) counterparty credit default, (f) inability to obtain bank and/or trade credit support, (g) availability and cost of insurance, (h) changes in tax laws, (i) the availability of capital, (j) changes in regulations, (k) results of current items of litigation, (l) uninsured items of litigation or losses, (m) uncertainty in reserve estimates and cash flows, (n) ability to replace oil and gas reserves, (o) security issues related to drivers and terminal facilities, (p) commodity price volatility, (q) demand for chemical based trucking operations, (r) successful completion of drilling activity, (s) financial soundness of customers and suppliers and (t) adverse world economic conditions.  These and other risks are described in the Company’s reports that are on file with the Securities and Exchange Commission.
 
 

 
 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 
(In thousands, except per share data)
 
   
   
Nine Months Ended
   
Three Months Ended
 
   
September 30,
   
September 30,
 
   
2013
   
2012
   
2013
   
2012
 
                         
Revenues                                                    
  $ 2,980,145     $ 2,504,488     $ 1,060,770     $ 795,525  
                                 
Costs, expenses and other                                                    
    (2,946,697 )     (2,472,657 )     (1,050,003 )     (781,678 )
Income tax (provision)                                                    
    (12,109 )     (11,947 )     (3,797 )     (5,510 )
Earnings from continuing operations
    21,339       19,884       6,970       8,337  
Earnings (loss) from discontinued
                               
    operations                                                    
    162       340       186       (74 )
                                 
Net earnings                                                    
  $ 21,501     $ 20,224     $ 7,156     $ 8,263  
                                 
                                 
Earnings (loss) per common share:
                               
    From continuing operations
  $ 5.06     $ 4.71     $ 1.65     $ 1.98  
    From discontinued operations
    .04       .08       .05       (.02 )
    Basic and diluted net earnings
                               
per common share                                               
    5.10     $ 4.79     $ 1.70     $ 1.96  
                                 
Dividends per common share                                                    
  $ .44     $ -     $ .22     $ -  

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
 
(In thousands)
 
   
September 30,
   
December 31,
 
   
2013
   
2012
 
             
ASSETS
           
Cash and marketable securities                                                                         
  $ 52,044     $ 47,239  
Other current assets                                                                         
    322,953       277,317  
Total current assets                                                                 
    374,997       324,556  
                 
Net property & equipment                                                                               
    95,700       90,712  
Deposits and other assets                                                                               
    3,983       4,233  
    $ 474,680     $ 419,501  
                 
LIABILITIES AND EQUITY
               
Total current liabilities                                                                         
  $ 299,160     $ 266,082  
Other long-term liabilities                                                                         
    20,016       17,561  
Shareholders’ equity                                                                         
    155,504       135,858  
    $ 474,680     $ 419,501